Binance Research: Crypto, DeFi, NFT Markets in Dec 2024

Binance Research: Crypto Market in Dec 2024 and Jan 2025

Binance Research: Crypto, DeFi, NFT Markets, Web3 Landscape

In a recently released report, Binance, the top crypto exchange, has shed light on the key trends of the crypto market during Dec 2024. It has also previewed possible developments for Jan 2025.  

The Binance research is about the performance check of the crypto, DeFi as well as NFT markets. In addition, it has also explored the factors that shape Web3’s current landscape.

Crypto Market - December 2024

ATHs, A Late-Month Correction: The cryptocurrency market surged to ATH capitalization $3.91T on Dec. 17 due to regulatory optimism and institutional adoption. Bitcoin price peaked at $108,000, leading the rally. BTC grew 123.4% YTD (year-to-date) and became the 7th largest global asset as per market cap.

However, $500B got erased from the market cap after the Federal Reserve’s announcement of reducing planned 2025 rate cuts, triggering a market correction. 

The Top Performers: Winners include TRX and BNB. While TRX gained 13%, BNB rose 8.1%. This was due to record network fees driven and Justin Sun’s involvement with World Liberty Financial that TRX rose, and PancakeSwap’s no-code platform Osprey BNB Chain Trust launch that helped BNB gain.

Losers include DOGE (that dropped 20%) and SOL (that dropped 8.9%).

Decentralized Finance Trends

Sector Overview: DeFi TVL declined by 1.6%, mainly due to crypto prices falling. Solana underwent one of the steepest declines as it lost $1.1B in TVL. Hyperliquid faced huge losses due to security concerns for which it is still in news.

Bright Spots: Real-world assets (RWA) recorded $8.2B in TVL due to Usual and Hashnote-like platforms. The Sui ecosystem also surged, where Sui’s TVL climbed $8.1B due to lending protocols.

Non-Fungible Tokens

Ethereum’s continued dominance: NFTs based on Ethereum saw huge trading volumes. Pudgy Penguins stood out while the PENGU token launch elevated the floor price to more than $100,000.

However, Bitcoin NFTs dropped in volume despite gains in Quantum Cats and similar projects. Other chains like Solana, BNB Chain as well as Polygon also saw significant declines.

January 2025 - Looking Ahead

The research by Binance has provided insights into the latest developments in the blockchain space too, while including the evolving trends in Web3 and more. It has even highlighted the upcoming events and token launches to watch this January.